Chubb and American National reported loss estimates from the recent hurricanes totaling more than $650 million, while Quanta said it would discontinue writing new business in storm-hit areas.
Warren, N.J.-based Chubb Corp. said it estimates total losses in the third quarter will amount to $600 million pretax, primarily as the result of Hurricane Katrina.
After-tax loss for Chubb will come in at $390 million, the company said. The estimate includes loss expenses, estimated losses, and loss expenses net of reinsurance recoverable, reinsurance reinstatement premiums, and the company's share of losses from its minority interest in Allied World Assurance Co., Ltd. Allied is a Bermuda-based insurance and reinsurance company.
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